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Softbank boss confirms agreement of selling its stake in Flipkart to Walmart

Aniruddha Paul
Aniruddha Paul
Writer, passionate in content development on latest technology updates. Loves to follow relevantly on social media, business, games, cultural references and all that symbolizes tech progressions. Philosophy, creation, life and freedom are his fondness.

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Softbank founder and CEO Masayoshi Son finally have confirmed that they reached an agreement to sell its Flipkart stake to Walmart. This was confirmed today, May 9 and Son did not give any details about the agreement. He, although, did discuss the quarterly results of his company.

The Japanese tech company has further planned to sell some of its stake in Sprint, the American wireless company. This deal will be merging T-Mobile for $26.5 billion. According to Softbank, these deals will boost its coming future, after the first quarter of 2018 ended with fall in profits.

As for the deal of Flipkart’s stake, Son said that the amount is perhaps the biggest in terms of e-commerce companies. As a refresher, Softbank has been the biggest investor of Flipkart with 20% stake that’s worth about $4 billion in the deal. This stake was bought by Son for $2.5 billion.

Several sources have reported that the agreement of Walmart acquiring Flipkart entails $15-20 billion, with 70% of Flipkart being acquired, making it the biggest e-commerce acquisition deal. This will help Walmart go up against Amazon with more ferociousness. Contextually, analysts expect a huge impact for India and the world in the eCommerce space after this deal.

Follow this space to get more updates on the global eCommerce happenings.

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